Kitco
Comex December gold futures are weaker Monday as the market continues volatile action following last week's sharp downside correction. The sell-off low on Aug. 25 at $1,705.40 for December futures etched a "hammer" bottom on the daily chart, which could mark the lower end of a sideways consolidation zone over the next several weeks as the market builds a base.
The recent correction has not harmed the overall longer-term bull trend, which remains intact.
The quick correction lower last week, saw December gold plunge from $1,917.90 to $1,705.40, over a mere three sessions. However, during that sell-off the market did not close below middle Bollinger band line support, a positive technical signal, which reinforces that the retreat was merely corrective. . .View full article
Comex December gold futures are weaker Monday as the market continues volatile action following last week's sharp downside correction. The sell-off low on Aug. 25 at $1,705.40 for December futures etched a "hammer" bottom on the daily chart, which could mark the lower end of a sideways consolidation zone over the next several weeks as the market builds a base.
The recent correction has not harmed the overall longer-term bull trend, which remains intact.
The quick correction lower last week, saw December gold plunge from $1,917.90 to $1,705.40, over a mere three sessions. However, during that sell-off the market did not close below middle Bollinger band line support, a positive technical signal, which reinforces that the retreat was merely corrective. . .View full article
